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Smart Checking
Smart checking is checking that´s FREE with NO STRINGS.
We´ll even buy your checks for you if you´re a 5-STAR member.
The only time you´ll be charged a fee with a Smart Checking account is for NSF´s, overdraft protection, or returned items. With our no fee structure, you may save hundreds of dollars a year with our checking account.
With a Smart Checking Account you’ll enjoy:
- No Minimum Balance Requirements.
- No Maintenance Fees.
- No Per Check Fees.
- No Statement Fees.
- Overdraft Protection Available.
- Dividends on Balances Over $500.
- Access to Funds via Debit Cards, Express Teller, ATMs, and PC Home Banking.
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Free Checks for 5-STAR Members
As part of our Member Rewards program, 5-STAR members get free checks (you pay only for imprinting and shipping--approximately $3.00) along with free checking.
You´re a 5-STAR member if you have either $10,000 in total loans or $10,000 in total savings with the credit union. Your Member Rewards status is noted on your statement.
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Overdraft Protection
Protect yourself from the cost and embarassment of bouncing a check with overdraft protection. You have 3 options for overdraft protection:
1. Line of Credit. We will automatically transfer funds from your line of credit loan (up to your line of credit limit) to cover overdrafts, at your request. A small fee is applicable for each transfer. To apply for a line of credit, click here.
2. Savings Transfer. If you have funds available in your savings or Priority Money Market account, we will transfer funds to cover overdrafts, at your request. A small fee is applicable for each transfer. The federal government limits the number of non-member initiated (automatic) transfers from savings accounts each month to a maximum of 6.
3. Courtesy Pay. This convenience and peace of mind is available to all members who have electronic deposits (i.e., direct deposit, Social Security deposits) to their checking account (minimum $800 every 30 days). The credit union will pay items, even if funds are not available in your checking account to cover the item. You will be charged the normal NSF fee (see fee schedule), but the item will not be returned.
- Your address on file with the credit union must be current (i.e., no returned mail), and all your obligations with the credit union must be current. Items paid when funds are not available are paid as a courtesy. The credit union reserves the right to not pay any item it believes will not be repaid. You will be charged the credit union’s normal NSF fee, but your check/electronic payment will be paid, as long as you meet the established criteria.
- To qualify for overdraft coverage of $500., you must be currently receiving an electronic monthly deposit to your checking account of at least $800-$999.99, your address on file with the credit union must be current (no returned mail), and you must be current on all your credit union obligations. The maximum amount your account can be overdrawn is $500.
- To qualify for overdraft coverage of $800, you must be currently receiving an electronic monthly deposit to your checking account of at least $1,000., your address on file with the credit union must be current (no returned mail), and you must be current on all your credit union obligations. The maximum amount your account can be overdrawn is $800.
- Overdraft items payable include checks written to third parties and electronic payments to third parties. Overdraft items payable to yourself may not be paid. Debit card authorizations and ATM withdrawals will be based on funds actually available in your account and will not be authorized on an overdraft basis. Transfers for automatic payments for credit union obligations or transfers between accounts will be completed only with funds actually available in your account and will not be completed on an overdraft basis.
- Overdrafts will be paid from your line of credit or by account transfer first if you have requested this in writing before you are charged an NSF fee. This saves you money.
- If you find yourself using overdraft protection more often than you are comfortable with, we have free budget counseling available. If you wish to opt out of courtesy pay, you may simply notify us in writing.
- Your account must not maintain an overdrawn balance for more than 15 days. If your account is not brought to a positive balance (zero or higher) at least every 15 days, your overdraft coverage may be suspended.
- If overdraft coverage is suspended for any reason, an account review fee of $25.00 will be due before any account review is made to determine whether overdraft privileges may be reinstated.
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Public Interest Research Group´s Study on Checking Account Fees
According to PIRG´s 2001 study on checking account fees, to save money on your checking account, you should have your checking account at a credit union.
PIRG´s study showed that the average annual bank charge for a checking account is $465 - 703 ("Big Banks, Bigger Fees 2001" PIRG, p. 3). PIRG´s study also showed that the average annual checking account fee at a credit union is $345. (same study, p.3)
The good news for Priority Community Credit Union members is that it´s very easy to avoid all fees with your checking account. We don´t have any minimum balance requirements, no monthly fees, no statement fees. The only fees you´ll ever pay are totally within your control and fees you incur by choice--NSF fees, ATM fees (in excess of the number of ATM fees you receive free each month), and overdraft transfer fees.
In addition, if you have either total loan balances of $10,000 or more or total savings balances of $10,000 or more, the credit union will buy your checks for you.
To read PIRG´s whole report on checking account fees, click here.
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No Surcharge ATM´s
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Public Interest Research Group´s 2001 Study on Checking Account Fees:
"Bank at a credit union, not a bank."
p. 12
"Credit union fees are lower."
p. 3 more
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